Are you questioning whether or not Purse is legit? Read our unbiased, critical purse.io review, and make an informed decision on your own.
Purse.io is a peer-to-peer service that bridges the gap between those who want to buy items from Amazon with bitcoin and those who wish to purchase bitcoin via a credit card or PayPal. The incentive for those buying from Amazon is a discount. The motivation for those looking to purchase bitcoin is of course anonymity, ease of use, and decentralization.
How it works
Purse has become popular because Amazon does not currently accept bitcoin as a form of payment. Purse acts effectively as the middleman that provides users with access to a bitcoin wallet and an escrow system to facilitate the transactions.
To make a purchase from Amazon with bitcoin and get a discount, the user creates a wish list. They then post that wish list on Purse, along with the discount they would like, and they deposit the payment for that purchase in bitcoin in escrow with Purse.
A buyer who wants to buy bitcoin without registering on a bitcoin exchange can then purchase the item from Amazon on behalf of the person who has deposited the bitcoin. When the item is delivered, the bitcoin is paid out.
The end result is that one person has purchased an item at a discount from Amazon with bitcoin, and the other person has bought bitcoin. Purse makes its money by charging a small fee on the transaction.
Registering with Purse
Registering with Purse is relatively straightforward. You will need to have an Amazon account, and you will be required to set up a username and password. Suppose you want to buy goods from Amazon using Purse. In that case, you will need to create a wishlist on Amazon. After this, you will then import the URL of the wish list into Purse, and transfer funds from your bitcoin wallet to the Purse bitcoin wallet.
How to place an order with Purse
Once the bitcoin has been transferred into their Purse account, the user may post a wish list with a discount of up to 20%. However, first-time users are limited to 8%. Following the selection of the discount level, Purse provides a summary of the amount charged by Amazon, Purse’s fee, and the total amount that has been saved. The user is then able to place the order.
The delivery of the product
Once a bitcoin buyer has accepted the order, the user is notified by email, but the funds remain in escrow until the user notifies Purse that the goods have been received.
Purse.io review conclusion
Although the system can be a bit convoluted to navigate, the high discounts for people who want to use bitcoin to buy products from Amazon can get very attractive. However, some people have reported that if anything unusual should happen with the Amazon order, such as a part-delivery, it can be quite difficult to follow what you need to do on Purse.
Another issue with Purse can be that if you only want to place a small order, you might find it difficult to find a buyer who is willing to purchase a small amount of bitcoin. At the other end of the scale, the higher levels of discount can make a purchase unattractive for someone looking to buy bitcoin.
Being able to buy goods from Amazon with bitcoin will be a significant advantage for some people. For those who want to purchase bitcoin without having to register with a bitcoin exchange, Purse will be useful too. However, suppose you only want to make a small purchase on Amazon. In that case, it may not be worth the hassle that the extra layer of complexity that Purse causes, even for the discount that you get, and for the bitcoin buyers, the premium that they pay for anonymity be too high.